Lenskart Solutions Ltd, India’s leading omnichannel eyewear retailer, has received approval from the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO), paving the way for what could be one of the largest new-age company listings this year. According to reports from The Economic Times and Moneycontrol on October 3, 2025, the IPO comprises a fresh issue of equity shares worth ₹2,150 crore and an offer for sale (OFS) of up to 13.2 crore shares by promoters and existing investors, with the total size estimated at ₹7,500-8,000 crore. For investors, startup enthusiasts, and retail sector watchers searching Lenskart IPO SEBI approval, Lenskart fresh issue 2150 crore, or eyewear retail IPO 2025, the Gurugram-based unicorn—valued at over $5 billion—aims for a mid-November listing, using fresh proceeds for store expansion, tech upgrades, and acquisitions. Lenskart turned profitable in FY25 with ₹297 crore net profit (up from a ₹10 crore loss in FY24) on ₹6,652 crore revenue, a 23% YoY jump, making it an attractive bet in the Rs 50,000 crore eyewear market. Promoters like founder Peyush Bansal will offload 2 crore shares, with SoftBank (15% stake) and Temasek exiting via OFS, while the fresh issue funds growth to 3,000 stores by FY27.
The IPO, managed by Kotak Mahindra Capital and Morgan Stanley, follows confidential filings by peers like Groww and Meesho, and comes after Lenskart’s DRHP in July 2025.
IPO Structure: Fresh Issue for Growth, OFS for Exits
The offering balances capital raise with liquidity for stakeholders:
- Fresh Issue: ₹2,150 crore to fund 500 new stores, tech investments, and acquisitions.
- OFS: Up to 13.2 crore shares (10% of post-issue equity), with promoters retaining ~20% post-IPO.
- Valuation Target: $10-12 billion, implying a 1.5-1.8x multiple on FY25 revenue.
Proceeds allocation:
- Stores: ₹273 crore for 500 CoCo outlets.
- Leases/Rents: ₹591 crore for operations.
- Marketing: ₹200 crore for brand push.
- Acquisitions: Balance for strategic buys.
Book-running lead managers include Kotak Mahindra, Morgan Stanley, Avendus, Citigroup, Axis Capital, and Intensive Fiscal.
| Component | Value (₹ Cr) | Shareholding Impact | Purpose |
|---|---|---|---|
| Fresh Issue | 2,150 | Dilution for Growth | Expansion & Tech |
| OFS | ~5,850 (Est.) | Exits for Investors | Liquidity |
| Total IPO | 7,500-8,000 | 10% Post-Issue | Balanced Raise |
Financial Turnaround: From Losses to ₹297 Cr Profit
Lenskart’s FY25 results showcase operational maturity:
- Revenue: ₹6,652 crore (up 23% from ₹5,428 crore in FY24).
- Net Profit: ₹297 crore (vs. ₹10 crore loss).
- Margins: Gross margins at 69% (up 500 bps); EBITDA positive.
The omnichannel model—2,000 stores plus e-commerce—drove 70% revenue from India, with global expansion via Lenskart One.
| Metric | FY24 | FY25 | YoY Change |
|---|---|---|---|
| Revenue | ₹5,428 Cr | ₹6,652 Cr | +23% |
| Net Profit | -₹10 Cr | +₹297 Cr | Turnaround |
| Gross Margins | 64% | 69% | +500 bps |
Market Context: Eyewear Sector’s Growth and IPO Wave
India’s eyewear market, valued at ₹50,000 crore, grows at 15% CAGR, with Lenskart holding 40% share. The IPO joins boAt, Capillary, Groww, and Pine Labs in new-age listings.
- Investor Appetite: SoftBank (15%) and ADIA (12%) lead; promoters hold 20%.
- Valuation: $10-12B, a 1.5x revenue multiple.
- Risks: Competition from Titan Eye+; execution on 3,000 stores.
Conclusion: Lenskart’s IPO Lights Up Eyewear Future
Lenskart’s SEBI-approved ₹8,000 Cr IPO is a spectacle for India’s startup IPO wave, blending profitability with scale. With ₹2,150 Cr fresh capital for growth, it’s poised for a November blockbuster. For investors, it’s a vision bet—will Lenskart see clearly to $12B valuation? The lenses focus. ET
